On January 1, 2018, Kline Inc. borrowed P9,000 from Harvard Co., and on January 1, 2020, it borrowed P12,000. On January 1, 2021, Kline Inc. paid a P7,000 half payment. The loan balance would be amortized over two payments, one on January 1, 2022 and the other on January 1, 2023, with the second payment being 50 percent bigger than the first. What is the amount of each payment if the interest rate is 10%?

On January 1, 2018, Kline Inc. borrowed P9,000 from Harvard Co., and on January 1, 2020, it borrowed P12,000. On January 1, 2021, Kline Inc. paid a P7,000 half payment. The loan balance would be amortized over two payments, one on January 1, 2022 and the other on January 1, 2023, with the second payment being 50 percent bigger than the first. What is the amount of each payment if the interest rate is 10%?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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